In this blog, we shall discuss the most user friendly cryptocurrency exchanges in the digital world.
What is a cryptocurrency exchange?
The platforms on which you can buy, sell and exchange cryptocurrencies for other digital tokens or for fiat currencies are called Cryptocurrency exchanges.
Some of these platforms require the users to verify their ID and then, open an account whereas there are some exchanges that allows trading occasionally without creating an account. Everyone can easily build their own cryptocurrency Exchange Platform online.
Cryptocurrency exchanges can be a strictly online business where the tokens can be exchanged for other digital tokens or it can be a brick and mortar business where digital tokens can be exchanged for fiat currencies like dollars and euros. In this case, these exchanges will accept various payment modes like credit cards, debit cards and wire transfers.
In late 2017, decentralised exchanges have been gaining popularity. Here, the platforms do not store user’s funds but facilitate peer to peer cryptocurrency trading.
Types of cryptocurrency exchange
There are different types of cryptocurrency exchanges in existence today. According to the nature of the transactions, they can be classified into centralised exchanges and decentralised exchanges.
Centralized exchanges act as intermediaries between the buyers and the sellers of the tokens, in turn charging a fee for providing the trading services.
A decentralized exchange eliminates the need of intermediaries for the operations. Instead of this, a decentralized exchange operates by matching the people who has set the orders for buying and selling cryptocurrencies.
Alternatively, the exchanges can be classified as follows.
This is a centralised cryptocurrency exchange in which the exchange charges a fee for connecting the prospective buyers and sellers.
Such platforms are decentralised exchanges where peer to peer cryptocurrency exchange takes place. Here, the coins don’t have a fixed market price but it is the seller that sets his exchange rate.
The prices are set by the brokers and anyone can buy them at these prices. Cryptocurrency brokers are just like foreign exchange dealers.
User friendly cryptography exchanges
This a Canadian cryptocurrency exchange platforms that commenced its operation in 2013 and aims to provide secure and convenient access to Bitcoins and other digital currencies. The users are impressed with the quick and efficient customer service, user friendliness and quick turnaround time for deposits and withdrawals.
The platform serves all categories of users from amateurs to experienced traders. The only drawback is that it is available to only people from Canada.
Coinbase is one of the most widely used platforms that is trusted by millions of users worldwide. It is easy to use and you can buy, store and sell digital currency. Coinbase wallets are available on Android phones and iPhones through which the users can buy bitcoins, Ether and Litecoins. The users can also trade with other users on the company’s Global Digital Asset Exchange (GDAX) subsidiary.It currently operates in the US, Europe, UK, Canada, Australia, and Singapore. GDAX does not charge any transfer fees for moving funds to and from your Coinbase account and GDAX account.
Coinsquare is built on the lines of New York Stock Exchange and is committed to safe and secure trading of cryptocurrency. The system is cent percent proprietary and has been stress tested and DDos tested. They boast of not losing a single coin till date. A ledger is also maintained so that they know where every coin is at any point of time.
Kraken is a largest Bitcoin exchange in euro volume and liquidity. It was founded in 2011 and is a partner of the first cryptocurrency bank. The platform lets you buy and sell bitcoins and sell them for fiat currencies like euros, US Dollars, Canadian Dollars, British Pounds and Japanese Yen. Digital currencies like Ethereum, Monero, Ethereum Classic, Augur REP tokens, ICONOMI, Zcash, Litecoin, Dogecoin, Ripple and Stellar/Lumens can also be traded on the platform. It is suited for experienced traders and offers decent exchange rates along with low transaction fees..
The platform was established in London in 2013 and provides the users a wide variety of services for trading Bitcoins and other cryptocurrencies for fiat money. The professional traders can get personalised and user friendly trading dashboards and margin trading.
Cex.io also provides broker facilities for beginners so that they can buy bitcoin at prices prevailing in the market. CEX website is absolutely secure and intuitive and cryptocurrencies can be stored in safe cold storage.
ShapeShift is a platform that supports a variety of cryptocurrencies including Bitcoin, Ethereum, Monero, Zcash, Dash, Dogecoin and many others. Shapeshift doesn’t require the users to create an account nor rely on the platform for holding their fund. They can make instant straightforward trades.
ShapeShift does not allow its users to buy coins with debit cards, credit cards or any other payment system. The platform also doesn’t have fiat policy and only allows for the exchange between bitcoin and the other supported cryptocurrencies.
Poloniex was founded in 2014 and is one of the largest cryptocurrency exchanges in the world. The platform offers a highly secure trading environment with more than 100 different Bitcoin cryptocurrency pairings and advanced tools and data analysis for advanced traders.
There is a volume-tiered, maker-taker fee schedule in place for all trades. Hence, the fees are different depending on whether you are the maker or the taker. For makers, fees range from 0 to 0.15%, depending on the amount traded.
For takers, fees range from 0.10 to 0.25%. There are no fees for withdrawals beyond the transaction fee required by the network.
The platform is a EU based bitcoin marketplace that commenced its operations in 2011. It is one of those first generation bitcoin exchanges that has avery loyal customer base. It is famed in the community for its security. To enhance the security, features like two-step authentication, multisig technology for its wallet and fully insured cold storage has been included. Bitstamp has 24/7 support and a multilingual user interface making it extremely user friendly. The users can open a free account and make an initial deposit, post which they can start trading immediately.
CoinMama is a cryptocurrency broker that as been around for quite some time. You can visit the platform to buy Bitcoin or Ether with Cash via MoneyGram or Credit Card. The platform is quite useful for those want to make a straightforward purchase of digital currency with local currency.
The platform is available throughout the world and in a variety of languages like English, German, French, Italian and Russian.
Although the CoinMama service is available worldwide, users should be aware that some countries may not be able to use all the functions of the site.
It is a user-friendly decentralised exchange that allows the users to buy and sell bitcoins in exchange for fiat currencies or cryptocurrencies. The exchange is accessible quite easily and don’t need a registration on any central authority. no need for registration or reliance on a central authority. Bitsquare doesn’t hold user funds and no one except trading partners exchange personal data.
The platform offers its users great security with multisig addresses, security deposits and purpose-built arbitrator system, in case there are any trade disputes. If anonymity is what you seek, Bitsquare is the perfect platform for you.
Other than the ones mentioned here, there are hundreds of other cryptocurrency trading platforms which are quite popular. You must be very careful in choosing the right platform by taking into account the popularity of the platform, the fees, payment methods, verification requirements and geographical constraints before zeroing in on the right platform.